Businesswire.com reports that the online gambling market reached $66.7 billion in 2020. They say the practice of online casinos continues to grow due to rapid urbanization, high demand for home entertainment in times of pandemic, and the legalization of gambling businesses and cultural support worldwide.
Forbes shared key revenue figures from RSI, the US online casino gaming provider: “In a telephone interview, RSI said it expects revenue growth of $320 million in 2021 as more states legalize casino services. Bloom, the owner of RSI, believes that the potential for improving today's online casinos is enormous.
This push is mainly driven by the advent of modern technology. Gamblingsites.org draws attention to the following opportunities offered by gambling technology:
- lower transaction and operational costs;
- Improve mobile game development through easier audience reach;
- Blockchain potential to reduce the risk of online gambling;
- smoother integration of online payment services;
- Improved privacy for players due to cryptocurrency deposits.
The insights described above make it clear that online casino management software is capable of attracting more users at a lower cost than physical casino establishments. However, before you outsource gambling software development for better business revenue, we advise you to learn more about online casino game development quality criteria, stages of development, more insight into user retention mechanisms and online promotions. This will help you make the right decision when choosing a casino software development provider in today's market.
Given that the gambling business is potentially attractive because it brings huge profits, we look at the online casino software development process and highlight the key challenges in developing products that are secure, robust and scalable.
Online Casino Software Development: Key Features and Benefits of Specialized Software
In its latest video, the US online casino channel Youtube visualizes which functions include very powerful software that can lead to big wins when gambling. They describe the following "mandatory" components:
a simple and seamless integrated payment system (fast and reliable banking method for deposits);
the quality of the game itself (audio, visual effects, art design);
slot machines that encourage users to play every day at home or on the go;
welcome bonuses and gift cards to attract newcomers;
recent player promotions to increase loyalty;
secure and anonymous payments.
With all the features that are so important to a successful online casino launch, it's good to know the early stages and what your average equity percentage is before and after launch.
Slotegrator shares valuable insight that setting up online casino software will take around 40% of the total initial budget. And what's interesting to know: the software still covers 50% of the budget if you implement a ready-made solution (vendors usually receive ongoing fees as a fixed percentage of sales). So it's a good idea to develop personalized gambling software so that you don't overpay after the casino launches.
LinkedIn provided an important article outlining the fact that custom gaming software has a much greater potential for profit because it is "highly adaptable to ever-changing customer preferences." At each stage of the casino launch, you save money by getting a personalized product: either integrate promotional offers (you can offer more options not limited by the limitations of the finished product) or add security and risk management tools when you need them.
Online casino launch stage: software development site
Once you are ready to take the important step of outsourcing custom casino software development, for proper planning it is wise to consider the main steps you need to follow in software development: brainstorming for the product idea itself, prototyping, coding and testing, release and product maintenance. This is only part of launching a Freelance script or online casino, but it is one of the most important, as software quality affects operating costs, customer retention and loyalty, and even marketing and advertising costs.
The casino startup lifecycle is clearly displayed on the Slotegrator Pinterest page. And it is an obvious fact that the quality of casino software is an integral part of any success: only three of the eleven stages described (branding, licensing and market selection) have nothing to do with the software itself. The other commissioning phases are managed and controlled by the selected technology solution:
create platforms;
Submitting your project (selection of tools to prevent hacking and stop scammers and risk management software);
Game content integration (the greater the variety of games you offer, the more users will come to the platform: slots, roulette, live dealer games, lotteries);
Payment system integration (multiple currencies and cryptocurrencies);
Partnership tools and recommendations are integrated into your digital platform to attract new players;
Bonuses, VIP, loyalty programs and gift cards.
In this blog we have provided you with a set of easily verifiable numbers for the profits that gambling companies or gambling software providers make thanks to safe and stable software and the implementation of the social casino concept. For example, KamaGames increased its profits by 38% in 2020 thanks to its new social casino app, Pokerist, which is highly monetized.
The field of launching online casinos does have a lot of challenges and questions. To make better decisions for everyone, you can apply for a consultation with our game development experts. And it can give you the opportunity to break into the fast growing gambling market.
